High End Property Renovation a Case Study
High end property renovation
Often when high-end property owners want to maximise the potential of any of their portfolio items, they will seek out a professional for advice and guidance. This could be the local specialist building company, an interior designer or an architect.
But have you ever considered your local Estate Agent?
Quite often the very people you purchased the property through have the knowledge you need to really capitalise on the available space in your house, flat or bungalow. They know what upgrades, changes and spend will generate the best return against those that are done simply on a whim because you the property owner like the suggestions.
“The issue many property owners fail to grasp is that in all properties there is a ceiling on what generates the biggest return based on location, style and the mood of buyers in the high-end property market.” said Hayley Hunt of Hunt Property Services.
Your local specialist estate agent can offer you the services of a project manager which is often needed in these big jobs, giving you the property owner, somebody to lean on to take care of things whilst keeping the builders, electricians and all other parties working to schedule and delivering on time.
Let’s look at a recent high-end property renovation carried out by Hunt Property Services on a 2 bedroom 2 bathroom property in Woodford’s Repton Park, a sought after gated community. The properties have been converted from an old Hospital, Claybury Asylum, into the most sought after properties in the area for both sales and lettings.
By Jeroen Komen – Flickr, CC BY-SA 2.0, https://commons.wikimedia.org/w/index.php?curid=42269816
Inside this gated community, Osborne House, a property on Woodford’s Repton Park is a ground floor two bedroom, two bathroom apartment set in the original building.
This property was dated and tired inside, with old sanitary ware, worn out kitchen and bathroom suites, this property was defiantly in need of some serious updating and modernisation. We valued the property at around £535,000 with an expected rental value of £2000 per month.
At Hunt Property Services we saw the potential for our client to make this property into a much more resourceful space by suggesting that a third bedroom was created as the lounge was vastly oversized in comparison to the rest of the property.
This choice would add serious value for our client when they eventually put it on the market, so they felt confident when spending money on the suggested property renovation. Hunt Property Services also advised on the significant increase in rental yield if they then decided to rent rather than sell the property.
Take a look at the property images pre-renovation below.
The Property Renovation
The first thing that Hunt Property did was to evaluate a full overhaul, that was a complete interior restructure in order to maximise the gains to be made if the works were to be undertaken. This wasn’t the quote, that had been discussed and some ballpark figures had been agreed depending on how the client would proceed with the options we suggested.
Once we signed off the agreed changes works commenced in the following way.
Stage one :
We removed the existing kitchen which was dated. We already had plumbing pipe works in here, so we integrated them by creating a hidden utility space within the floor to ceiling wardrobes that we were installing. This would also house the existing boiler.
This room was now a multi-functional room acting as a study/dressing room utility space, fantastic idea to house a few rooms in one, great for modern families.
We then added two new high-end bathrooms with underfloor heating, complemented with porcelain floor to ceiling tiling and extra spotlights as both bathrooms did not have natural lighting.
We choose to install a walk in the wet room in the master bedroom as the apartment on the ground floor was perfect for those downsizing, who are not always able to climb into a bath so the family bathroom had a bathtub with shower over as an alternative.
This was tight on size so we made the room larger by removing the existing dated wardrobes which were large and bulky and in the middle of the room. As we now had a smart dressing room in bedroom three (multipurpose room) this made the master a more attractive space for a super king bed and dressing area.
Remained as is, and benefited from a makeover, the same as the rest of the apartment.
The new high gloss kitchen with quartz worktops was repositioned into the far corner of the enormous lounge with an added breakfast bar for family and social situations, our client now had space for an American fridge freezer with ice machine and other high-end features as we had a much larger space to work with, so now a smart open plan kitchen lounge.
Hunt Property finished off this property renovation with plantation shutters, solid oak floors, decorated throughout, fluffy new carpets, new lighting and new chrome door wall and window furniture.
This has made the apartment a bright contemporary living space opening out onto glorious parkland with south west facing views benefiting sunset perfect for evening drinks.
About this property
This property has just gone on the market for sale at £749,999 with a rental potential of £3500 per month, chain free.
Hunt Property Services have been acting as an agent for sales and lettings for over 10 years on Repton Park and are the only agent in the area that has a personal vested interest in the community as our staff reside there. We work to ensure that the sales experience is as uncomplicated as possible for all parties involved and we apply that same passion to renovation or refurbishment works we carry out.
If you a friend or family member are considering a purchase, rental or renovation on Repton Park, be sure to call the Agents that understand just what works and why.